SFB 303 Discussion Paper No. A - 290

Author: Karni, Edi, and David Schmeidler
Title: Utility Theory with Uncertainty
Abstract: In the present survey we review the theories of von Neumann-Morgenstern and Savage and trace the more recent developments. Limitation of space prevent us from dealing with theoretical developments, also motivated in part by experimental evidence, that depart from the transitivity or the completeness axiom. We have tried to present what seems to us the central conceptual developments of the last decade, in each case illustrating the main ideas with one or two concrete results. The paper is organized as follows: In Sections 2, 3, and 4 we deal with the presentation of preferences under risk. In sections 5 and 6 we deal with the presentation of preferences under uncertainty. In section 7 we deal with the issue of measurement of decision makers' attitudes towards risk.
Creation-Date: May 1990
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